# Binance Pay

> Source: https://docs.barcoder.ai/docs/wallets/binance-pay
> research date 2026-05-29 · extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [Binance Pay — official](https://www.binance.com/en/pay)

## Overview

**Binance Pay** is **Binance's crypto-payment service for merchants + consumers**, operated by **Binance Holdings Ltd** <sup>[1][1], [2][2]</sup>. **Explosive 2025 merchant growth**: from **12,000 merchants at start of 2025 to 20+ million worldwide by November 2025 — roughly 1,700-fold surge**. By **March 2026, 21+ million merchants**. **User base: 45+ million globally in 2025**. **Since 2021 launch: $250+ billion cumulative payment volume**.

**Stablecoin dominance**: **98%+ of business-to-consumer Binance Pay payments use stablecoins** (USDT, USDC, EURI, XUSD, FDUSD) — fast + predictable settlement. **Geographic expansion**: integrations with major brands + national payment systems across Latin America, Europe, Africa, Asia. **Brazil**: Binance Pay connects to **[Pix](https://docs.barcoder.ai/docs/standards/pix)** instant-payments network. **Argentina**: thousands of QR-merchant integrations.

## History

**February 2021 — Binance Pay launches** as Binance's crypto-payment service.

**2021-2024 — Slow merchant growth** with primarily P2P + Binance-ecosystem use.

**2025 — Explosive merchant growth (1,700x surge)** from 12K to 20M+ merchants amid stablecoin-payment + cross-border adoption surge.

**Late 2025 — Pix integration (Brazil) + Argentina QR-merchant integration + multi-region national-payment-system integrations** <sup>[3][3]</sup>.

**March 2026 — 21+ million merchants** <sup>[4][4]</sup>: Continued growth.

## Ownership & operator

**Operating entity**: **Binance Holdings Ltd** (Seychelles-incorporated; multiple country-specific subsidiaries).

**Founder + Former CEO**: **Changpeng Zhao "CZ"** (Chinese-Canadian; stepped down November 2023 after US DOJ settlement).

**Current CEO**: **Richard Teng** (since November 2023).

**Regulator distinction**: 
- **Binance Holdings Ltd** Seychelles-incorporated; **limited US access** following 2023 DOJ settlement.
- **Per-country licenses**: Bahrain CBB, France AMF, UAE VARA + ADGM, El Salvador, Japan FSA + others.
- **Stablecoin dominance**: 98%+ B2C payments via USDT, USDC, EURI, XUSD, FDUSD.

## Technical integration

| Layer | Description |
|---|---|
| **Channels** | Binance mobile app (iOS + Android) + Binance.com web + QR payment + merchant API |
| **Identifiers** | Email + Binance Pay ID + QR code |
| **Supported assets** | **98%+ stablecoins (USDT, USDC, EURI, XUSD, FDUSD)** + BTC + ETH + 60+ crypto |
| **National-payment-system integrations** | **[Pix](https://docs.barcoder.ai/docs/standards/pix) (Brazil) + Argentina QR + Latin America + Europe + Africa + Asia** |
| **Cross-border** | Native — single Binance Pay account works globally |
| **Settlement** | Real-time crypto settlement; merchants can hold or auto-convert to local currency |

## Users & growth

**2025** <sup>[1][1], [2][2]</sup>:
- **Users**: 45+ million globally
- **Merchants**: 20+ million (November 2025); **21+ million (March 2026)**
- **Cumulative payment volume since 2021 launch**: $250+ billion
- **B2C payments stablecoin share**: 98%+

**Merchant growth**: **1,700-fold surge** from 12K start-2025 to 20M+ end-2025.

## Use cases

P2P crypto transfers (free between Binance users); merchant payments (20M+ merchants); cross-border remittance; stablecoin-denominated B2B payments; national-payment-system integrations (Pix Brazil + Argentina QR); merchant auto-conversion to local currency.

## Implementations & partners

**Operator**: **Binance Holdings Ltd**.

**National-payment-system integrations**: **Pix (Brazil), Argentina QR-merchants, multiple LATAM + European + African + Asian markets**.

**Stablecoin partners**: **Tether (USDT), Circle (USDC), Eura (EURI), XUSD, First Digital USD (FDUSD)** + others.

**Major competitors**:
- **[Crypto.com (Crypto.com Pay + Visa Card)](https://docs.barcoder.ai/docs/wallets/crypto-com)** (Crypto.com Pay).
- **OKX Pay** + **Bybit Pay** + **KuCoin Pay**.
- **Coinbase Commerce** (US merchant crypto-payment).
- **Stripe Crypto** (Stripe's crypto-payment integrations).
- **Stablecoin-native payment networks** (BVNK, Mural, etc.).

**Major sister product**: **Binance Exchange** (custodial trading) + **Binance Wallet** (self-custody; distinct from Binance Pay).

## Fun facts

- **February 2021 launch** as Binance's crypto-payment service.
- **2025 explosive growth: 1,700-fold merchant surge (12K → 20M+)**.
- **March 2026: 21+ million merchants** — among largest crypto-payment merchant networks globally.
- **45+ million users + $250B+ cumulative payment volume since 2021**.
- **98%+ stablecoin dominance for B2C payments** — fast, predictable settlement.
- **Brazil Pix integration + Argentina QR-merchants** — major LATAM national-payment-system bridges.
- **Changpeng Zhao "CZ" stepped down November 2023** after US DOJ $4.3B settlement.
- **Richard Teng CEO since November 2023**.
- **Limited US access** following 2023 DOJ settlement.

## Comparison

| Feature | Binance Pay | [Crypto.com (Crypto.com Pay + Visa Card)](https://docs.barcoder.ai/docs/wallets/crypto-com) Pay | Coinbase Commerce | OKX Pay | Stripe Crypto |
|---|---|---|---|---|---|
| Operator | **Binance Holdings Ltd (Seychelles)** | Crypto.com (Foris DAX) | Coinbase Global (NASDAQ: COIN) | OKX | Stripe |
| Type | **Crypto-payment merchant network + P2P + Pix/QR national-system integration** | Crypto-card + Pay | US merchant crypto-payment processor | Crypto-payment | Stripe crypto-payment add-on |
| Merchants | **21M+ (Mar 2026)** | Major | Major | Major | Stripe merchant base |
| Users | **45M+** | 100M+ | Coinbase user base | OKX user base | Stripe user base |
| Stablecoin dominance | **98%+ B2C** | High | Various | High | High |
| National-system integration | **Pix BR + Argentina QR + many** | Limited | Limited | Limited | Various |
| Regulatory | **Limited US; per-country** | Per-country | Full US + per-country | Per-country | Full US + per-country |

## Status

**Active, leading crypto-payment merchant network** <sup>[1][1], [2][2], [4][4]</sup>:
- **Binance Holdings Ltd** since February 2021 launch.
- **21+ million merchants (March 2026) + 45+ million users**.
- **$250+ billion cumulative payment volume since 2021**.
- **98%+ B2C stablecoin dominance**.
- **National-payment-system integrations** including Pix (Brazil), Argentina QR, multi-region.
- **Richard Teng CEO since November 2023** (CZ stepped down post-DOJ settlement).

## Sources

[1]: https://en.cryptonomist.ch/2025/11/17/binance-pay-merchants-growth/ "Binance Pay merchants surge — Cryptonomist"
[2]: https://news.bitcoin.com/binance-pay-reaches-21m-merchants-signaling-mainstream-shift-in-crypto-payments/ "Binance Pay 21M+ merchants — Bitcoin.com"
[3]: https://www.cryptopolitan.com/binance-pay-over-20-million-merchants/ "Binance Pay 1700x growth — Cryptopolitan"
[4]: https://financefeeds.com/binance-pay-hits-20-million-merchants-as-stablecoin-payments-take-off/ "Binance Pay stablecoin payments — FinanceFeeds"

- [1] [Binance Pay merchants surge — Cryptonomist][1]
- [2] [Binance Pay 21M+ merchants — Bitcoin.com][2]
- [3] [Binance Pay 1700x growth — Cryptopolitan][3]
- [4] [Binance Pay stablecoin payments — FinanceFeeds][4]

## Source

Biography extracted from [binance-pay.md](https://docs.barcoder.ai/source/wallets/binance-pay). See `matrix.md` for standards-support matrix if present.